Hack VC, a San Francisco based venture capital firm, has raised a US $200 million fund. The seed funding was raised on 24th Feb 2022.
Before collaborating with Alex Pack, who previously co-founded global crypto fund Dragonfly Capital and oversaw Bain Capital Ventures’ debut into digital assets, Ed Roman, a solo GP, invested in early-stage tech and crypto startups for over ten years Hack VC. Before founding this fund, Pack and Roman each invested in multiple early-stage crypto firms, including Defi platforms Compound Finance and Terra.
What the founder has to say:
According to Pack, Hack VC finished financing last fall and has been relatively active since then, making “at least” 15 investments totaling tens of millions of dollars. Its current assets range from Yat, an NFT emoji firm, to Goldfinch Finance, a Defi financing platform, to SynCity, a metaverse gaming company.
Sequoia Capital, Fidelity, a16z’s Marc Andreessen, Chris Dixon, and other institutional investors contributed to Hack VC’s seed fund. Sequoia Capital, which created a $500 million fund to invest in tokens last week, is one of these LPs who are active crypto investors. Although these firms are potentially vying for the same kind of deals, firms like Sequoia and a16z investing in other crypto funds while also managing their funds in the same industry is a rather regular phenomenon in the crypto world.
This overlap, according to Pack, is a holdover from when investing in crypto businesses was “the polar opposite of competitive.”
Due to Pack’s role in giving early money to over a dozen crypto startups, Hack VC now has “excellent co-investor ties” with other venture firms in the field.
About Hack VC:
Hack VC is a cryptocurrency-focused venture capital firm that focuses on early-stage entrepreneurs.The firm is looking to invest in early-stage start-ups in the cryptocurrency, open-source, finance, marketplaces, AI/machine learning, and business software industries.
The Hack VC team comprises roughly ten people, about half of whom work in the venture firm’s specialized in-house Crypto Lab, which Pack sees as a source of competitive advantage. Because crypto networks are user-owned, crypto investors must be early adopters of new protocols; this is how Hack VC distinguishes itself from traditional venture capital organizations.
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